Take-Two Interactive (NASDAQ: TTWO) needs to demonstrate the strength of its franchises other than Grand Theft Auto in order to fend off a bid from Electronic Arts (NASDAQ: ERTS), and this latest bit of news could help it do just that.In a press release issued on Friday, the company announced that its 2K Games unit had "reached an agreement for BioShock, the universally acclaimed smash-hit video game, to be developed as a feature film by Universal Pictures." Gore Verbinski, director of the Pirates of the Caribbean trilogy, will produce and direct the film.
In a clear -- and completely justified -- swipe at critics who characterize the company as a one-trick pony, chairman Strauss Zelnick said that " Our ability to attract a major studio and unparalleled creative team speaks volumes about the strength of our BioShock franchise. It also demonstrates how Take-Two is delivering value based on our strategy of creating and owning our industry's most powerful intellectual property. "
This development certainly plays into Take-Two's argument that it can build value as a stand-alone company. As far as I can tell, none of EA's games have been transformed into Hollywood movies.
That said, Bioshock the movie sounds like a surefire flop to me.
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